The UK has more than 10 per cent of the global market share in fintech, which is worth more than £11bn a year to the UK economy.
Jane Imrie

Independent review set to boost UK’s international standing as fintech leader

An independent review is set to outline how the UK can become a global leader in fintech through a range of initiatives and investment.

In the review later today, chairman of Network International Ron Kalifa OBE will set out plans to boost the country’s fintech industry as well as attract international talent and investment.

Recommendations are expected to include the introduction of a new fintech scaleup visa route for global specialists, the implementation of a ‘scale box’ to provide regulatory support for growing firms and changing UK listings rules to include free float reduction and dual class shares.

The review marks a step in the Chancellor Rishi Sunak’s plan to make the UK, which has more than 10 per cent of the global market share in fintech - worth more than £11bn a year to the UK economy, a sought-after destination to operate a financial services business.

In addition, the review could see the creation of a £1bn fintech growth fund, as well as the establishment of a private sector-led Centre for Finance, Innovation and Technology to support national coordination and growth in UK fintech.

Ron Kalifa OBE explained: “Fintech has the power to change lives, both in terms of job creation and better wages that are so essential to our recovery; and making financial services more accessible and relevant to people’s lives.

“Britain has a proud record of starting up and scaling up some of the best known fintech products, but we cannot rest on our laurels. The next powerhouses will not be created by accident.

“We must continue to nurture our start-up culture, but crucially we must also give our high growth firms the support to become global giants.

“With the right reforms that encourage entrepreneurialism, investment and make it easy to attract and invest in talent, Britain can usher in a period of dominance that can help us build back better from Covid-19.

Rishi Sunak, Chancellor of the Exchequer, added: “Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world.

“We must now build on our global reputation for fostering innovative startups and ensure firms can access the talent, finance and support they need to scale up here in the UK.

“This review will make an important contribution to our plan to retain the UK’s fintech crown, create more skilled jobs, and deliver better financial services for people and businesses.”

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